TL;DR

• BTC price fluctuates around $67,000, while ETH price fluctuates around $3,500.
• The most active sectors in the past 24 hours are the Payment sector and the Solana ecosystem.
• The most popular tokens in the past 24 hours are SMAR, SLERF, ULTIMA, and CTK.
• The U.S. Ethereum spot ETF has been officially approved and will be listed on July 23rd, U.S. time.
• Hong Kong’s stablecoin issuer “Sandbox” has launched, with three initial participating institutions.

Market Analysis

BTC —— According to Gate.io, on the 22nd, Bitcoin’s price briefly dropped to $66,000 before rebounding and stabilizing around $67,000. It is currently trading at $67,469.40, down 0.77% for the day.[1]

ETH —— Over the past day, the price of Ethereum (ETH) has mirrored Bitcoin’s movements. The price briefly fell to $3,432.95 before recovering and fluctuating around $3,500. It is currently trading at $3,483.88, down 1.05% for the day.

ETF —— According to SoSovalue, the U.S. Bitcoin spot ETF has seen net inflows for 12 consecutive trading days (from July 5 to 22). As of this report, the total cumulative net inflows amount to $17.59 billion, with the ETF’s total net asset value at $62.14 billion, representing 4.63% of Bitcoin’s total market capitalization. Yesterday (July 22), the daily net inflow was $533.57 million, with a total daily trading volume of $1.62 billion.[2]

Sectors —— According to SoSovalue, in the past 24 hours, only one of the 14 sectors experienced an increase, while the remaining 13 sectors have declined. The Payment sector rose by 0.82%, the RWA sector fell by 4.37%, the Meme sector decreased by 3.46%, the NFT sector dropped by 3.42%, and the AI sector declined by 3.28%.

U.S. Stock Indices —— The S&P 500 index rose by 1.08%, the Nasdaq index increased by 1.58%, and the Dow Jones index rose by 0.32%.

Spot Gold —— Broke through $2,399.15 per ounce, up 0.11% for the day.

Top Performers

According to Gate.io data, the most traded tokens in the past 24 hours (excluding BTC and ETH) are as follows [1]:

SLERF —— 24-hour trading volume: $23.67 million, daily increase: 33.86%, current price: $0.2949. Slerf (SLERF) is a meme coin on the Solana blockchain, featuring a character based on an animal sloth.

SMART —— 24-hour trading volume: $861,000, daily increase: 34.18%, current price: $0.003042. The Smart blockchain is a scalable blockchain solution that uses innovative technology to address issues associated with traditional blockchain networks. SMART is the mainnet coin of the Smart blockchain.

ULTIMA —— 24-hour trading volume: $1.837 million, daily increase: 19.06%, current price: $7,538. The Ultima ecosystem includes various innovative blockchain products, such as DeFi-U, a technology that allows users to earn rewards in Ultima tokens and also serves as a marketplace. The Ultima tech team has over 10 years of experience in the IT industry and is actively working on launching physical crypto debit cards, a crypto exchange, travel, and crowdfunding platforms.

CTK —— 24-hour trading volume: $8.295 million, daily increase: 18.05%, current price: $0.816. CertiK (CTK) was launched in October 2020 and rebranded to Shentu Chain token (CTK) in September 2021. Shentu Chain prioritizes cross-chain compatibility while deploying delegated proof-of-stake consensus. The security-oriented blockchain provides real-time measurements of several network security statuses through its compatibility, and the CTK token is the native utility token of the platform.

Spotlight Analysis

Biden Announces Withdrawal from 2024 Presidential Election, Pledges Full Support for Harris to Secure Presidential Nomination

On July 21, U.S. local time, President Biden announced his withdrawal from the 2024 presidential election. After his announcement, Biden expressed his full support and endorsement for Vice President Harris to secure the Democratic Party’s presidential nomination.

Joe Biden’s withdrawal from the 2024 U.S. presidential race has led to significant fluctuations in meme coins related to political figures. Tokens associated with Biden, such as Jeo Boden (BODEN), Jill Boden (JILLBODEN), and Hunter Boden (HUNTBODEN), experienced sharp declines:BODEN dropped by 60%, and JILLBODEN by 82.5%.In contrast, Kamala Horris (KAMA), a token related to Kamala Harris, surged by 135%.[4]

U.S. Ethereum Spot ETF Officially Approved, Set to Launch on July 23

On July 23, according to official SEC information, multiple ETF issuers’ S-1 applications have been officially approved, allowing Ethereum spot ETFs to be listed and traded. Initial trading is expected to commence tomorrow (Tuesday morning, U.S. time).[5]

According to the Chicago Board Options Exchange (CBOE) website, CBOE has confirmed July 23 as the launch date for five ETFs on its platform. These ETFs are the 21Shares Core Ethereum ETF, Fidelity Ethereum Fund, Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF, and Franklin Ethereum ETF. Four other spot ETH ETFs are also expected to trade on July 23 on either Nasdaq or NYSE Arca. Trading company Wintermute projects that Ethereum ETFs could attract up to $4 billion in inflows over the next year.

Hong Kong Stablecoin Issuer “Sandbox” Launched, Three Initial Participants Announced

According to the Hong Kong Monetary Authority (HKMA), the first batch of three institutions participating in the “Sandbox” has been announced. The participating institutions are JD Coinchain Technology, which has an e-commerce background and holds various financial licenses; Circle Innovation Technology, which focuses on DeFi and digital payments; and a joint venture of Standard Chartered Bank, Animoca Brands, and HKT, providing cryptocurrency trading and custody services. Animoca Brands has shown outstanding performance in blockchain gaming and digital entertainment, with significant growth in bookings revenue for the first quarter of 2024.[6]

The primary application scenarios proposed by these three initial “Sandbox” participants include payments, supply chain management, and capital market use cases. Additional use cases include Web3, gaming, and virtual asset trading.

Data Highlights

The Fear and Greed Index (FGI) has increased from 70 to 71, indicating that market sentiment is in the greed phase

This shift reflects growing investor interest and optimism towards cryptocurrencies. However, in a greedy market, investors should remain cautious to avoid blindly chasing high prices. Excessive greed can lead to market bubbles and increased short-term volatility. [7]

Token Unlocks：This week, ALT, YGG, and ENA will experience significant token unlocks. The unlocked portion of ALT tokens is valued at over $100 million, and starting from July 24, WLD will begin daily unlocks of tokens worth over $5 million for four years.

According to Token Unlocks data from July 22, the detailed token unlock schedule for this week is as follows [8]:

C98 —— Approximately 586,000 tokens will be unlocked on July 24 at 8:00 AM (Beijing time), representing 0.49% of the current circulating supply, valued at approximately $2.32 million.

GAL —— Approximately 586,000 tokens will be unlocked on July 24 at 8:00 AM (Beijing time), representing 0.49% of the current circulating supply, valued at approximately $2.32 million.

WLD —— Starting from July 24 at 8:00 AM (Beijing time), a four-year linear insider unlock will commence, with about 2 million WLD tokens unlocked daily, valued at $5 million per day.

On-Chain Data：In the past day, whales have transferred over 17,154 ETH to centralized exchanges (CEX), valued at approximately $60.04 million

On July 23, Lookonchain monitoring revealed that after the U.S. Securities and Exchange Commission (SEC) approved nine spot Ethereum ETFs, a whale transferred 8,762 ETH (about $30.40 million) to a CEX. [9]

On July 22, Ember monitoring indicated that a former Ontology co-founder, Andy Ji, redeemed 8,392 ETH from Swell and transferred them to a CEX. [10]

Market Opportunties

Project Financing

According to Rootdata, the following projects announced funding in the past 24 hours: Zircuit, Etherfuse, and B3, involving Layer 2, DeFi, and gaming ecosystems. Detailed information is as follows [11]：

Zircuit —— On July 23, Zircuit announced via its official Twitter account the successful completion of its mainnet financing round. Participating investment institutions include Binance Labs, Mirana Ventures, Amber Group, Selini, Robot Ventures, Nomad Capital, and Borderless Capital. The amount of financing and project valuation were not disclosed. Zircuit is an EVM-compatible zero-knowledge rollup with a unique hybrid architecture that combines optimistic infrastructure with zero-knowledge proofs, providing developers with the best of both worlds.

Etherfuse —— On July 22, Etherfuse announced on its website that it had secured $3 million in seed funding, led by North Island Ventures and White Star Capital. Etherfuse is a tokenized bond issuance product on the Solana chain, designed to simplify access to securities financial assets for global businesses and investors. The platform’s Stablebond product combines traditional bond markets with blockchain technology to create a secure and transparent tool for investors, enhancing the stability of DeFi and blockchain products.

B3 —— On July 22, B3 announced that it had raised $21 million in seed funding, led by Pantera Capital. B3 is a gaming ecosystem based on the Base blockchain, created by a team of Base/Coinbase alumni and OG ETH contributors. The development company behind B3 is NPC Labs.

Airdrop Opportunities

Liquidium Runes —— On July 22, Ord.io announced on the X platform that the Liquidium Runes airdrop has begun. Holders of OMB, Quantum Cats, Pizza Ninjas, Bitcoin Puppets, and NodeMonkes can check their wallets to confirm receipt of the airdrop. Liquidium Runes is issued by the Bitcoin asset lending platform Liquidium.[12]

Bitlayer —— Bitlayer announced on its official website the launch of the user center page, providing features such as a badge wall, task modules, and exclusive racer upgrades. Users can complete tasks and earn Bitlayer points. In the future, Bitlayer will distribute $BTR airdrops based on users’ points and racer levels.[13]

Self Chain —— According to the official blog, the modular Layer 1 blockchain project Self Chain announced an airdrop of SLF tokens to early supporters. The airdrop eligibility list includes 100 addresses from Incentivized Testnet 1, 200 validator participants, and 500 staking participants, totaling 800 recipients. The distribution period is three working days starting from July 22, with tokens being manually sent to the selected participants’ Self Chain addresses.[14]

References:
[1] Gate.io,https://www.gate.io/zh/price/bitcoin-btc
[2] SoSovalue，https://sosovalue.com/zh/assets/etf/us-btc-spot
[3] SoSovalue，https://sosovalue.com/zh
[4] SoSovalue，https://sosovalue.com/zh/research/1815367982315102208
[5] EricBalchunas，https://x.com/EricBalchunas/status/1815489137484722333
[6] Hong Kong Monetary Authority ，https://www.hkma.gov.hk/gb_chi/news-and-media/press-releases/2024/07/20240718-4/
[7] Gate.io,https://www.gate.io/zh/bigdata/homeindex
[8] theblockbeats，https://www.theblockbeats.info/flash/257292
[9] Lookonchain，https://x.com/lookonchain/status/1815566392558830014
[10] EmberCN，https://x.com/EmberCN/status/1815391817107747036
[11] Rootdata，https://www.rootdata.com/zh/Fundraising
[12] Ord.io，https://x.com/ord_io/status/1815405138288181508
[13] Bitlayer，https://www.bitlayer.org/me
[14] Self Chain，https://blog.selfchain.xyz

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